Spike Networks has issued a trading halt on company shares, pending the announcement of a new funding deal, which could pull the beleaguered Internet company out of troubled waters.
Spike signed a heads of agreement with an unnamed company on Friday last week, which the company said would result in a 'significant cash injection' of capital into the company's digital services business Spike CyberWorks.
An official announcement of the funding deal would not be made until Tuesday, according to a company spokesperson.
Spike CyberWorks provides Internet services in Sydney, Tokyo and Hong Kong, while Spike Networks operates Spike Radio in Los Angeles.
